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L.4.3 Not for publication . (, * I, 0 r Y BANKING AND MONETARY DEVELOPMENTS IN SEPTEMBER 1967 Summary. Seasonally adjusted commercial bank credit rose more rapidly in October than in the previous month. Banks participated heavily in the large Treasury financing early in October, but --seasonally adjusted—added much less to their net holdings of U.S. Government securities over the month than they had in July and August when Treasury cash financings also were large. Acquisitions of State and local obligations accelerated from the slackened September rate. Total loans increased somewhat less than in September, but continued at a more rapid pace than that over the first half of the year. Business loan expansion remained modest. The money supply rose following little change in the preceding month, Time and savings deposit inflows accelerated somewhat from the reduced pace of September. Total and required reserves rose, but free reserves dropped slightly. Changes in Commercial Bank Credit 1/ 2J Money Supply and Time Deposits (Seasonally adjusted) Oct. Total loans and investments Annual rate (per cent) 1966 1967 3rd July- 1st 1st 1st 2nd Qtr. Oct. half . 10 mos. half half Year 1965 Year 11.0 17.1 15.7 9.9 12.5 2 .2 U.S. Govt. sec. 13.6 44.8 37.4 6.3 19.2 - 4.4 Other sec. 18.7 9.9 12 .3 31.2 24.4 0.8 12.1 6.5 15.8 Total loans 8.7 11.8 11.1 5.9 8.1 4.3 13.6 9.1 14.7 Business loans 2.8 5.8 5.1 10.9 8.7 7 .7 18.2 13.3 18.8 Money supply 6.7 6.8 6.8 6.8 6.9 - 0.2 4.6 2.2 4.7 13.4 15.1 14.8 17.4 16.9 6.5 10.8 Time and savings deposits at all commercial banks 1/ 2/ 9.2 5.7 10.2 - 8.4 - 6.3 - 5 . 6 8.8 I 16.0 Where necessary, changes in loans and other securities described above^are adjusted for the definitional shift of about $1 billion of participation certificates from loans to other securities on June 30, 1966. Changes in total credit, total loans, and total time and savings deposits described above are also adjusted for the reduction of $1.1 billion of balances accumulated for the payment of personal loans excluded on June 9 as a result of a change in Federal Reserve regulations affecting reserve requirements . Changes in commercial bank credit are based on data revised to reflect adjustments to June 1967 benchmarks. Bank credit. Total loans and investments at all commercial banks rose $3.1 billion in October. The annual rate of growth at 11.0 per cent was substantially faster than the relatively strong pace of September, but only about half as fast as the extremely rapid pace of July and August. Reflecting in large part the heavy Treasury financings in the second half of the year, total credit growth accelerated over the July-October period from the moderate second quarter pace to a rate of nearly 16 per cent. This exceeded slightly the high first quarter rate which was inflated by accelerated corporate tax-related borrowing. U.S. Government security holdings at all commercial banks increased $700 million over the month, mainly reflecting heavier than seasonal acquisitions of bills by large city banks. Banks were alloted virtually all of the $4.5 billion of new April and June tax anticipation bills issued October 9, 75 per cent payable in tax and loan credits, and subsequent sales of these bills by large city banks appeared to have been offset to considerable degree by purchases of shorter bills. Despite the small decline in September when there was on new Treasury financing, bank holdings of Governments have increased at an annual rate of 37.4 per cent over the July-Ocotber period. As further reflection of continued bank demand for liquidity and of light loan demand relative to deposit inflows banks accelerated their acquisitions of other securities from the reduced 8.4 per cent rate of September to 18.7 per cent in October, adding $900 million to their holdings over the month. Purchases of municipals and participation certificates were particularly heavy at large banks outside New York City, but small banks as well as large banks in October and over the year thus far--have made larger than usual . additions to their portfolios of these securities. While the annual rate of increase.over the last four months at 12.3 per cent is less than half as rapid as the rate over the first half, it is close to the strong pace of 1965. Total loans at commercial banks rose $1.6 billion in October, or somewhat less than the average increase over the preceeding three months. However, the annual rate of increase over the period since June—at 11.1 per cent--continued to be slightly more than double the pace over the first half. In October relative to the comparable period of other years, loans at smaller banks appeared somewhat stronger than loans at larger banks. Over the first ten months of the year loans have grown at an 8.1 per cent rate more rapid than over the last half of 1966, but considerably slower than the pace of the first half of 1966 and all of 1965. -3During the January-October period smaller banks, which have maintained their lending at close to the pace of other recent year, have accounted for a much larger than usual share of total loan growth. Business loans increased $200 million in October, expanding at about the same modest rate as in the previous two months. Large New York City banks experienced heavier than usual repayments over the month, while large banks outside New York had contraseasonal repayments. The decline in business loans at these banks would have been even greater had it not been for their large acquisitions of bankers' acceptances during the month. There was no strong borrowing by any industry category, and the machinery, other durable goods, trade, and public utilities groups showed weakness. Security loans rose $300 million for the third consecutive month, as Government security dealers continued to borrow and brokers made smaller than usual repayments to banks. Following a net decline of $700 million over the first half of the year, security loans have increased $2.5 billion over the four months since June, accounting for nearly one-third of total loan growth over this period. Nonbank financial loans increased $400 million in October, or slightly more than in the previous month, as the narrowing gap between the cost of market and bank financing contributed to much smaller than seasonal loan repayments by finance companies. Consumer and real estate loans expanded further at about the same moderate rate of other recent months. Money stock and time deposits. The money supply rose $1.0 billion in October as demand deposit inflows resumed at a rate of 6.9 per cent, following a small decline in September. Since June the nation's money stock has grown at a pace of 6.8 per cent-the same as in the first half of the year and more than three times the pace over the year 1966. Time and savings deposits at all commercial banks increased $2.0 billion in October. While this rise--at a 13.4 per cent annual rate--exceeded the September pace, growth continued slower than over the preceeding eight months. The slackened rate of growth has resulted chiefly from the failure of banks to replace the large negotiable CD runoff that occurred during the September tax period. Inflows of time deposits other than negotiable CD's continued relatively strong. Bank reserves. Total and required reserves rose substantially further in October. Excess reserves increased, but member bank borrowings increased more. Free reserves declined about $40 million to an average of $212 million over the four statement weeks ending October 25. The average effective rate of Federal funds declined slightly from 3.99 in September to 3.87 in October. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. L 4 . 3 - E X H I B I T A , PART 1 LOANS AND Last W e d n e s d a y I N V E S T M E N T S AT A L L C O M M E R C I A L B A N K S of m o n t h , s e a s o n a l l y adjusted Billions of d o l l a r s 400 TOTAL LOANS AND INVESTMENTS 300 200 LOANS 100 U.S. GOVT. SECURI OTHER SECURITIES' II I I I I 1961 1962 1963 1964 1965 1966 i i i I i i i i ; I 1967 Chart revised beginning August 1967. Exhibit A - Part II Date Total 1/ _4/ (In b i l l i o n s 1962--Dec . 1963--Dec. 1964--Dec. 1965--Dec. 31 2/ 31 2/ 31 31 227.9 246.2 267.2 294.4 134.1 149.7 167.7 192.4 1966--June July Aug. Sept. Oct. Nov. Dec. 30 27 31 28 26 30 31 306.8 3/ 307.5 309.9 309.4 308.9 309.3 310.2 1967--Jan. Feb. Mar. Apr. May June July Aug. Sect. Oct. 25 22 29 26 31 30 26 30 27 P 25 p 314.4 318.0 321.4 323.2 324.6 325.8 332.3 337.2 339.4 342.6 1/ 2/ 3/ 4/ U.S. Gov't. securities — Loans 1/ _4/ of Other securities — d o l l a r s ) 64.5 61.5 60.7 57.3 29.2 35.0 38.7 44.8 203.4 3/ 204.5 205.8 206.2 207.2 207.5 207.8 54.9 54.5 56.0 54.9 53.4 53.4 53.7 48.5 3/ 48.5 48.0 48.3 48.4 48.4 48.7 210.4 211.0 211.3 213.5 213.5 214.0 217.0 218.1 220.1 221.8 54.2 55.9 57.8 56.1 56.1 55.4 58.8 61.8 61.6 62.3 49.9 51.1 52.3 53.6 55.0 56.3 56.5 57.3 57.7 58.6 ' Adjusted to exclude interbank loans. Estimated as of December 31. Beginning June 9, loan data exclude $1.1 billion of balances accumulated for payment of personal loans. Beginning June 30, total loans exclude, and other securities include, about $1 billion of participation certificates. Series revised beginning April 1967 to reflect adjustment to benchmarks for June 1967. http://fraser.stlouisfed.org/ fe v Federal Reserve Bank of St. Louis 4 m m m m m ^ at L.4.3 - EXHIBIT B, Part 1 L O A N S AT A L L C O M M E R C I A L B A N K S Last Wednesday of month, seasonally B i l l i o n s of adjusted BUSINESS REAL ESTATE CONSUMER SECURITY iiiiiiiii 1960 1961 1962 1963 '964 1965 II II M M M 1966 dollars http://fraser.stlouisfed.org/ # Federal Reserve Bank•of St. Louis Chart revised beginning August 1967. Exhibit B - Part II Date (In b i l lL i o n Security 2/ Consumer Real Estate 2/ Business 2/ of doll . a r s ) 1962—Dec. 1963--Dec. 1964—Dec. 1965—Dec. 31 1/ 31 1/ 31 31 47.6 52.0 58.4 69.4 34.2 39.1 43.6 49.2 23.7 27.2 31.1 35.7 6.2 6.7 7.1 7.4 1966—June July Aug. Sept. Oct. Nov. Dec. 30 27 31 28 26 30 31 75.7 77.1 77.7 78.1 78.6 78.6 78.6 51.9 52.2 52.6 52.9 53.3 53.5 53.8 37.5 37.7 38.0 38.2 38.4 38.7 38.8 7.5 7.5 7.4 7.4 7.4 7.3 7.9 1967—Jan. Feb. Mar. Apr. May June Jul. Aug. Sept. Oct. 25 22 29 26 31 30 26 30 27 p 25 p 79.5 80.1 80.8 81.7 82.3 82.9 83.6 83.8 84.1 84.3 54.1 54.3 54.5 54.7 55.0 55.3 55.6 56.0 56.3 56.7 39.0 39.1 39.2 39.4 39.4 39.6 39.8 40.0 r 40.3 40.6 8.4 8.3 8.3 8.1 7.9 7.2 8.8 9.1 9.4 9.7 J./ 2/ Estimated as of December 31. p - Preliminary. Series revised beginning January 1967 to reflect adjustment to benchmarks for June 1967. These data are not for publication. • • # e # e # • • Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted 5/ (In billions of dollars) 1 Item 9 6 6 q 1 Nov. Dec . Jan. Feb . Mar . Loans and Investments 2/ - 0.5 - 0.5 + 0.4 + 0.9 + 4.2 + 3.6 U. S. Gov't, securities - 1.1 - 1.5 1/ + 0.3 + 0.5 + 1.7 6 7 Apr. May June 3/ July Aug. + 3.4 + 1.8 + 1.4 + 1.0 + 6.8 + 4.9 j + 1.9 - 1.7 1/ - 0.7 + 3.4 + 3.0 : Sept. F ' +2.2 CM Oct. o* Sept. Oct. p | + 3.1 ! + 0.7 ! Other securities + 0.3 + 0.1 1 / + 0.3 + 1.2 + 1.2 + 1.2 + 1.3 + 1.4 + 1.3 + 0.2 + 0.8 + 0.4 Loans 2/ + 0.4 + 1.0 + 0.3 + 0.3 + 2.6 + 0.6 + 0.3 + 2.2 1/ + 0.4 + 3.2 + 1-1 + 2.0 Business + 0.4 + 0.5 1/ 1 / + 0.9 + 0.6 + 0.7 + 0.9 + 0.6 + 0.6 + 0.7 + 0.2 + 0.3 + 0.2 Real estate + 0.3 + 0.4 + 0.2 + 0.3 + 0.3 + 0.2 + 0.2 + 0.2 + 0.3 + 0.3 + 0.3 + 0.4 ! + 0.3 + 0.4 Consumer + 0.2 4- 0.3 + 0.1 + 0.2 + 0.1 + 0.1 + 0.2 + 0.2 + 0.2 + 0.2 j+ Security 1/ 1 / - 0.1 + 0.6 + 0.5 - 0.1 1/ -0.2 - 0.7 + 1.6 + 0.3 + 0.2 - 0.1 - 0.4 + 0.2 - 0.2 - 0.1 1/ Nonbank financial 1/ 0.2 4- - 0.1 + 0.1 - 0.3 | y - 0.2 + 0.9 j+ 1.6 0.3 + 0.3 | +0.3 + 0.3 | +0.3 .| + 0.4 ! - 0.1 i 1 / 1 / 1/ 1/ 1/ 1/ + 0.2 1 / + 0.1 + 0.2 + 0.1 All other - 0.5 - 0.3 1 / - 0.6 + 0.6 + 0.1 - 0.5 + 0.9 - 0.7 1/ + 0.4 Total loans excluding security Total loans excluding security and nonbank financial + 0.4 + 1.0 + 0.4 - 0.3 + 2.1 + 0.7 + 0.3 + 2.4 + 0.2 + 1.1 ! + 0.1 i o Agriculture + 0.8 + 1.6 1/ 1 j +0.5 i+ y i/ i 1.7 | + 1.3 i j ! + 0.4 + 0.8 + 0.5 - 0.2 + 2.0 + 1.0 + 0.7 + 2.2 + 0.3 + 1.3 + 1.7 | J + 0.8 j +1.4 j+ 0.9 NOTE--Individual loan items may not add to change in total loans because: (1) loan items are gross of valuation reserves while total loans are net and (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject 1/ 2/ to revision. Less than $50 million. Adjusted to exclude interbank loans. s- I ~ 5/ „«,«- in October 1966 and a decline of $68 million in October 1965. series revised beginning January 1967 to reflect adjustments to benchmarks for June 1967. ... Exhibit D Changes in Loans and Investments at All Commercial Banks, at Large Commercial Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Item Last Wednesday of September to last Wednesday of October 1967 1966 All commercial banks Total loans U. S. Gov't, securities Other securities Total 4+ 4- 0.2 2.3 0.7 2.8 ' - 0.6 i/ - 0.1 - 0.8 + + + + Large commercial banks 5/ Total loans U. S. Gov't, securities Other securities Total 4+ 4- 0.6 1.6 0.3 1.3 - 1.0 0.4 0.4 1.8 Other banks 5/ Total loans U. S. Gov't, securities Other securities Total 44+ 4- 0.4 0.7 0.4 1.5 + + + + 0.4 0.4 0.3 1.0 Item 1965 1964 1963 1962 1961 0.7 2.6 0.2 3.4 + + + 0.7 0.7 0.2 0.2 1/ + 0.2 + 0.3 + 0.5 + + + + 0.9 1.3 0.4 2.6 + + + 0.4 0.5 0,1 0.8 + 1.6 - 0.1 + 1.5 1/ - 1.2 - 0.3 1/ - 1.5 - 0.5 - 0.1 1/ - 0.5 + + + + 0.6 0.6 0.2 1.4 + - 0.1 0.1 0.1 0.1 + + + + 0.7 1.0 0.3 1.9 + + + + + + + + + + + + 0.3 0.7 0.2 1.2 + 0.3 + 0.6 1/ + 0.9 0.5 1.0 0.2 1.7 0.5 0.3 0.3 1.0 End of December to last Wednesd,av of Oct ober 1967 1966 3/ 1965 1964 2/ 1963 2/ 1962 1961 + 9.1 - 2.0 + 2.9 + 10.0 + + + 8.1 4.4 5.2 8.8 + 7.6 - 1.0 + 4.7 + 11.3 + + + + 1.8 5.6 2.3 9.8 All commercial banks Total loans U. S. Gov't, securities Other securities , Total + 7.2 3 ' +10.5-/:-/+15.6 + 6.2 - 4.5 4-10.2 + 5.3 +23.7 + 16.3 Large commercial bankss/ Total loans U. S. Gov't, securities Other securities Total + 1.5 + 3.4 + 6.6 +11.6 + 4.62/:i U - 4.4 + + : £S' 8.7 3.8 2.9 7.8 + + + 3.4 2.1 1.5 2.8 + + + 3.1 4.3 3.4 2.1 + + + 3.3 2.8 3.2 3.7 + + + + 0.7 3.7 1.5 4.5 Other banks s/ Total loans U. S. Gov't, securities Other securities Total + 5.7 + 2.8 + 3.6 +12.1 + 5.9^- -/+ + + 6.9 0.7 2.4 8.5 + + + + 5.7 0.1 1.4 7.2 + + + 5.0 0.1 1.8 6.7 + + + + 4.3 1.8 1.5 7.6 + + + + 2.5 1.9 0.8 5.3 NOTE: 1/ 2/ 3/ 4/ 5/ a Data exclude all interbank loans; call report data for large commercial banks used when available. Less than $50 million. Based on estimated data for all commercial banks on December 31, 1963, and December 31, 1962, and for large commercial banks on December 31, 1962. Allowance has been made in monthly changes in total loans and in other securities for approximately $1 billion of participation certificates shifted from loans to other securities in late June 1966: $700 million at large banks and $300 million at other banks. Allowance has been made in monthly changes in total credit and in total loans for the $1.1 billion of balances accumulated for the payment of personal loans excluded from time deposits and from loans on June 9, 1966: $400 million at large banks and $700 million at other banks. Based on revised coverage beginning July 1966 and January 1967. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late September to late October Business of borrower 1957 1966 1965 1964 1/ Late December to end of October 2/ 1963 1967 1966 1965 1964 - 1963 + 162 Food processors + 141 + 231 + 212 + 221 + 62 - 408 - 36 - 242 - 225 + 125 Commodity dealers + 35 + 170 + 208 + 224 - 176 - 265 - 158 - 167 + 195 Trade concerns + 105 + + 9'5 3 + 166 5 + 29 + 647 +1071 + 258 + 143 Retail trade + 109 + 21 + 113 89 - 11 - 99 + 448 + 683 + 116 + 98 Wholesale trade + 94 4 + 74 + 40 + 96 + 53 + 199 + 388 + 142 + 45 Metals 45 - 156 272 - 116 122 + 750 +2087 +1311 + 269 - 126 Primary metals 47 - 56 2 9 + 356 + 111 + 110 + 25 - 42 Machinery + 54 187 - 18 - 36 49 + 318 +1094 + 552 + 121 + 111 Transportation equipment 24 5 - 15 - 27 40 + 592 - 94 + 284 6 - 221 Other fabricated metals 61 47 - 67 24 - 51 + 170 + 290 + 365 + 129 + 26 Textiles, apparel, etc. 194 - 120 135 - 179 88 + 137 + 462 + 476 + 92 + 271 Petroleum + 15 + 2 + 24 + 52 + 16 20 + 166 + 315 + 15 - 79 Chemicals + 18 1 + 22 + 15 47 + 215 + 433 + 305 + 218 - 22 Other durable manufacturing + 99 1 - 19 - 38 32 + 86 + 46 9 + 384 + 140 + 82 Other nondurable manufacturing 67 47 - 59 - 31 67 + 244 + 369 + 252 + 87 + 85 Mining 44 61 9 - 48 + 15 - 86 + 522 + 213 + 189 + 282 Public Utilities, total + 104 + 11 59 + 96 - 105 + 566 + 694 + 849 - 84 - 176 Transportation 3/ + 56 n .a . n..a. n.a . n•a. + 424 n.a. n.a. n.a. n.a. Communication 3/ 25 n .a . n.a. n.a. n .a. + 193 n.a. n.a . n.a . n.a. Other public utilities 90 n .a . n.a. n.a. n .a. - 51 n.a. n.a . n.a. n.a. 26 Construction 32 + 1 * + 8 6 - 67 + 89 + 289 + 403 + 195 All other types of business + 127 + 42 4 915 - 39 - 49 47 + 122 + 215 + 404 + 136 + 150 — — Bankers acceptances + 24 - 68 n.a. - 55 + 517 - 309 - 472 n.a . + 67 Services 3/ n .a . n.a. n.a. n .a . - 69 n.a. n.a . n.a . n.a. 90 + 18 + 467 Other + 29 + 6 n .a . + 431 + 687 n.a. + 136 — — Foreign business concerns 3V 68 n .a . n.a . n.a. n .a. n.a . - 185 n.a. n.a. +2040 342 + 74 Classified + 145 + 292 - 71 +5857 +5486 +1489 + 856 - + 53 + 264 + 10 - 42 Unclassified + 74 + 543 + 615 + 535 + 288 4-2304 289 + 84 + 103 Total Change - 71 + 366 +6400 +6101 +2024 +1144 1/ Four most comparable weeks used throught. 2_/ Changes are compiled from December 28, 1966; December 29, 1965; December 30, 1964 and December 25, 1963; and December 26, 1962. These data cannot be linked with all commercial bank daca which are always for December 31. 3/ Prior to 1967, transportation, communciation, services, and foreign loans were not reported separately. 1 Exhibit F Loans and Investments at All Commercial Banks 4/ (In billions of dollars) Loans and investments 1957 -Dec. 31 1958 -Dec. 31 -Jun. 24 Jun. 24 Dec 31 1960 --Dec 31 1961 •-Dec 30 1962 -Dec 31 1963 Dec. 31 1964 Dec. 31 1965 D e c . 31 (old) (new) 1/ (est.) (est.) U. S. Gov t Other securities 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 Total loans Business estate Security Farm Nonbank financial institutions 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172.1 197.4 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 7.9 8.4 8.5 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 7.4 7.5 8.2 5.9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 205.6 2/ 205.2 206.4 205.8 206.7 213.0 7.2 7.7 7.0 6.8 6.8 9.0 8.6 :/ 8.6 ~~ 8.6 8.6 8.7 8.6 12.0 12.5 11.9 11.9 13.3 1966--Jul. 27 Aug. 31 Sept.28 Oct. 26 Nov. 30 Dec. 31 306.9 207.4 308.8 308.0 309.0 307.9 1967—Jan. Feb. Mar. Apr . May Jun. 313.8 314.5 320.1 322.5 323.6 329.5 208.5 207.2 210.3 212.4 213.1 218.6 8.5 7.6 8.3 8.3 8.1 8.2 8.6 8.7 8.9 9.1 9.2 9.3 331.8 334.2 338.8 341.6 11.7 11.3 11.5 11.6 11.3 12.2 218.0 217.3 220.4 220.2 8.4 8.9 9.0 8.9 9.4 9.4 9.3 9.3 11.4 25 22 29 26 31 30 Jul. 26 Aug. 30 Sept.27P Oct. 25P NOTE: P " 3/ 12.8 11.2 12.0 11.6 Data exclude interbank loans. Total loans are after and type of loans before deductions for valuation reserves. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. 1/ Sturcture changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans: $300 million U . S . Government s e c u r i t i e s : and $100 m i l l i o n in other securities. Real estate loans increased about $300 million; business loans 2/ $100 m i l l i o n ; c o n s u m e r $ 1 0 0 m i l l i o n ; and other loans $ 1 0 0 m i l l i o n . , „ ... Beginning J u n e 9, $1.1 b i l l i o n of balances accumulated for the payment of personal loans were deducted from time deposits and all other Beginning J u n e 30, about $1 b i l l i o n of participation certificates previously included in agricultural and "all other" loans were 3/ 4/ reclassified as "other s e c u r i t i e s . " R e v i s i o n s b e g i n n i n g in J a n u a r y 1967 reflect adjustment in to benchmarks for June 1967. Individual loans category data are available for publication only on a June and December call data basis. other 7.6 8.1 8.7 9.8 10.7 11.3 13.9 14.9 11:11J"-' 12.8 12.5 12.4 13.0 12.4 12.2 12.1 12.4 12.9 13.5 13.2 13.0 13.5 13.5 Exhibit G Ratios to Total Deposits 1/ U. S. Government securities maturing within one year L O A N S Date Member banks All Reserve city banks commercial Tota 13/ New York Other City of banks 3/ 3/ City Chicago 3/ Country All commercial banks 1951- -Dec. 1952- -Dec. 1953- -Dec. 1954- -Dec. 1955- -Dec. 1956- -Dec. 1957- -Dec. 1958- -Dec. 1959- -Dec. 1960- -Dec. 1961- -Dec. 1962- -Dec. 1963- -Dec. 1964- -Dec. 1965- -Dec. 31 31 31 31 31 31 31 31 31 31 31 28 25 31 31 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 63.7 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 59.9 61.9 65.4 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 67.4 69.3 75.9 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63.3 65.0 68.7 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 2/ 7.5 8.0 7.3 1967- -June July Aug. Sept. Oct. Nov. Dec. 30 7, 27 31 28 26 30 31 66.0 66.5 66.4 66.6 66.4 66.4 65.8 67. 7 68.3 68:3 68.5 68.3 68.3 67.9 80.9 82.6 81.9 81.8 82.9 82.7 83.5 73.4 73.3 74.0 75.3 74.2 77.7 77.0 70.3 71.0 71.3 71.9 71.6 71.5 70.2 59.6 60.0 59.9 60.1 59.9 59.8 59.2 5.3 5.0 5:6 5.6 5.8 5.6 6.1 1967- -Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 25 22 29 26 31 30 26 30 27 P 25 P 65.6 65.3 65.1 65.1 65.a 65.6 65. 1 64. 9 64. 6 64.0 67.6 67.2 66.9 66.8 66.6 67.6 36.2 66.5 66.3 65.5 81.8 81.8 81.2 80.9 80.0 82.1 81.5 81.0 79.8 77.8 75.8 74.8 73.4 72.1 70.9 73.9 72.3 71.4 72.2 70.7 70.4 69.5 68.7 68.3 68.2 69.0 67.5 68.1 68.1 67.4 59.3 59.3 59.5 59.9 60.1 60.5 59.8 59.4 59.1 59.3 6.1 5.4 5.5 5.1 4.6 4.3 5.1 5.5 5 .6 n.a. NOTE: - Comparability of figures affected by changes in Federal Reserve membership, mergers, and by changes in the reserve classification of cities or individual banks. P - Preliminary, r - revised. 1/ Total loans (adjusted to exclude loans to banks); U.S. Government securities maturing within one year estimated on basis of Treasury survey of ownership; and total deposits (adjusted to exclude cash items in process of collection.) 2/ Beginning in June, loans at all commercial banks exclude about $1 billion of participation certificates now reported in other securities. If the $1 billion were included in loans in June the ratio for all commercial banks would be 66.3 3/ Revisons beginning in April 1967 reflect adjustments to June 30, 1967 benchmarks. L.4.3 DEI O S I T S A N D Seasc ally A n nu I adjusted, - EXHIBIT H, P a r t 1 CURRENCY A N D T U R N O V E R OF D E M A N D DEPOSITS deposits, monthly averages of daily figures, turnover, monthly rate Billions 55 MONEY SUPPLY 50 45 TIME AND SAVINGS DEPOSITS All commercial banks 40 232 SMS A S 35 Outside 343 N.Y.C. Centers 30 U.S. GOVT. DEPOSITS 10 Member banks II I i I I i I I I I I 0 1962 1963 1964 1965 1966 1967 1968 of dollars Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S.Govt. Deposits beginning July 1967 Exhibit H - Part II M o n e y Period Total S u p p l y Demand deposits Time and 1/ savings deposits (all commercial) 1/ Currency U. S. Govt, deposits (all member) Turnover outside N.Y. City* (per cent) 170.4 125.1 130.5 132.1 34.2 36.3 38.3 126.6 146.9 158.6 5.1 4.2 3.2 33.3 37.4 40.0 1966—October 170.1 132.1 38.0 157.6 4.0 39.6 1967—January February March April May June July August September p October p 170.3 171.5 173.1 172.7 174.5 176.2 177.9 179.1 179.2 38.5 38.7 38.9 39.1 39.2 39.3 39.5 39.6 39.8 39.9 160.8 4.9 5.0 4.8 5.8 4.1 180.2 131.8 132.8 134.2 133.6 135.3 136.8 138.4 139.6 139.5 140.3 3.2 3.7 4.5 5.6 39.4 39.4 39.1 40.8 39.2 40.1 40.7 41.1 40.8 n.a. 180.3 180.9 180.4 179.7 140.5 140.9 140.4 139.8 39.8 39.9 40.0 39.9 179.5 180.1 180.9 181.2 3.6 4.1 6.3 6.4 n.a, n.a, n.a, n.a 1964—December 1965—December 1966—December 159.3 166.8 Week ending: October 4 11 18 : NOTE: 25 Dollar amounts in billions. 163.5 166.1 168.1 170.0 172.4 174.6 177.2 178.9 180.8 2.2 L EEEris personal loans. http://fraser.stlouisfed.org/ Federal Reserve Bank•of St. Louis • e # e # # # e # V w L 4 3 w E X H I B I T I, Part W W W w 1 T I M E A N D S A V I N G S D E P O S I T S AT LARGE C O M M E R C I A L B A N K S Wednesday figures Billions of d o l l a r s 100 TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSITS TIME DEPOSITS EXCLUDING LARGE CD's LARGE CD's 1965 1966 1967 1968 Exhibit I - Part II Large Commercial Banks T i m e Total 1/ Period and S a v i n ;; s (In m i l l i o n s 1961--Dec. 1962—Dec. 1963—Dec. 1964--Dec. 27 26 31 30 41,472 50,011 59,227 66,881 30.082 34,712 38.083 40,698 11,390 15,299 21,144 26,183 1965--July 5/ July 7 7 73,672 80,467 43,137 48,314 1965—Dec. 29 85,298 1966—Oct. Dec. 5/ Dec. 26 28 28 1967—May June July Aug. Sept. 31 28 26 30 27 Oct. 4 11 18 25 — 2/ 3/ 4/ 5/ Large certificates of deposit 2/ Time 1/ Savings D e p o s i t s of Time other 1/ than large certificates of deposit d o l l a r s ) 3/ 4/ 2,782 5,442 9,579 12,585 8,608 9,857 11,565 13,598 30,535 32,153 15,203 15,587 15,332 16,566 50,694 34,604 16,251 18,353 89,167 89,495 89,639 47,022 47,099 47,213 42,145 42,396 42,426 15,918 15,659 15,642 26,227 26,737 26,784 97,829 98,848 100,200 101,827 101,659 47,285 47,739 47,817 47,957 48,349 50,544 51,109 52,383 53,870 53,310 19,077 19,153 19,696 20,742 19,897 31,467 31,956 32,687 33,128 33,413 101,869 102,069 101,933 102,173 * 48,391 48,424 48,409 48,428 53,478 53,645 53,524 53,745 19,988 20,075 19,993 20,107 33,490 33,570 33,531 33,638 — > • i i u u u i ucu.oik.cs accuouiacea ror personal loans. Negotiable certificates of deposit issued in denominations of $100,000 or more Estimated. As of December 5, 1962. Revised series. http://fraser.stlouisfed.org/ e Federal Reserve Bank#of St.'Louis ' e # • • # # • # # Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Date All member Reserve City Banks New York City of City Chicago Excess Reserves Country Other All member Borrowings All member Total reserves held seasonally adjusted All member Monthly Averages: 1958--December 1959--December 1960--December 1961--December 1962--December 1963--December 1964--December 1965--December - 2 -109 10 - 50 - 62 19 - 14 - 70 1966- - June -352 -143 -362 -390 -368 -431 -222 -165 - - 41 -424 669 419 268 209 168 July Aug. Sept. Oct. Nov. Dec. - 80 6 - 26 - 93 -124 - 71 - 95 - 32 -104 - 4 - 22 - 11 -197 -449 - 31 8 20 - 52 -122 -103 -161 268 237 583 471 394 334 315 238 516 482 756 568 572 536 411 452 557 906 87 149 304 327 243 454 - 12 -223 27 322 674 22,683 1/ - -312 -279 -217 -246 -245 -159 9 -61 6 34 118 404 338 398 302 389 392 766 728 766 733 611 557 22,827 22,537 22,621 22,490 22,431 22,415 - 21 54 24 64 95 24 50 80 140 17,866 17,903 18,223 18,961 19,596 20,259 21,096 22,186 1967- -Jan. Feb. Mar. Apr. May June July Aug Sept Oct. p - 16 - 46 -123 - 80 233 373 389 22,774 - 4 - 67 - 64 - 84 211 358 362 22,992 236 - 68 - 15 13 306 435 199 23,407 175 - 10 - 20 - 38 242 309 134 23,456 269 12 1 - 9 266 370 101 23,448 297 258 7 123 23,612 - 3 33 420 272 20 254 - 15 12 359 ... 8.7 23,835 6 298 4 16 271 89 387 24,104 r 268 r 3 39 r231 6 r358 90 r24, 297 183 • 11 4 - 24 214 309 126 24.625 NOTE: Beginning July 26, 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued. r - revised. 11 S V J S S SlS.ESt""'"" " Jun * '• 1966 • ~ w* b, m „ Ju„„ 1966, Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ Commercial banks 3/ Mutual banks U. S. Gov't, Savings savings and loan bonds 5/ shares 4/ Postal Savings System U. S. Gov't, securities maturing within one year 6/ 8 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 May June July Aug. Sept. Oct. Nov. Dec. 1967 Jan. Feb. Mar . Apr. May June July Aug. Sept. p Oct. p 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.0 585.9 589.5* 588.6 592.9 594.5 596.2 600.6 601.7 605.1 604.7 615.1 r613 .2 r619.7 r620 .6 r623.0 r630.2 r635.3 638.7 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.0 163.7 166.5 164.3 167.0 166.1 166.0 168.0 168.6 166.9 165.8 171.0 r168.6 r172 .9 r173 .7 r171.9 rl74.1 rl76 .2 175.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112 9 127 .1 147.1 153.6 153.9* 156.1 156.6 156.7 156.6 158 3 159.6 163.6 165.3 167.6 168.6 170.7 172.4 174.7 r177 .2 rl78.1 180.1 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 101.4 109.8 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 0.3 0.2 0.2 0.2 0.2 0.2 0.1 0.1 111.3 111.5 110.9 111.4 112.3 112.2 113.0 113.4 50.4 50.4 50.6 50.6 50.5 50.6 50.6 50.9 53.3 53.4 52.8 53.3 54.5 56.0 55.8 53.9 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 113.7 114.8 116.3 117.1 118.0 118.9 119.9 121.0 r122 .4 123.0 51.0 50.9 51.0 51.1 51.1 51.2 51.3 51.3 51.4 51.4 54.2 51.7 52.9 50.9 49.5 46 .5 46.7 47.8 r48.2 49.0 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 52 6 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0,5 0.4 0.3 53.3 53.6 53.7 53.9 54.2 54.6 54.8 55.2 55.5 55.9 56.3 56.8 57.4 57.8 58.4 58.7 58.9 59.5 I 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 i j 1 Liquid assets to gross national product 7/ 9 85.3 81.3 79.7 80.5 79.5 80.2 79.0 78.4 79.5 81.0 81.5 80.0 Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 -f 1) 11 10 55.7 34.7 55.0 32.6 54.4 31.3 53.6 30.4 54.8 29.7 52.6 28.6 53.0 27.5 53.0 26.4 52.9 25.1 53.0 24.6 53.5 24.1 54.3 22.8 79.7 22 .5 79.0 22.2 78.5 21.9 54.2 54.3 54.4 54 .6 54.3 54.1 54.3 54.5 54 .6 54.8 21.9 55.0 79.6 22.1 •>5.0 55.4 55.8 r55 .6 r55 .7 r79.3 r22 .0 79.2 55 .6 55.7 For footnotes see next page. * - Beginning with data for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans, p - Preliminary. NOTE: Revisions in total liquid assets, demand deposits and currency, and time deposits at commercial banks beginning in April 1967 reflect adjustment, to benchmarks for June 1967. *e '' Exhibit K (Continued) Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method II developed by the Bureau of the Census. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962, p. 941, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout . Total time deposits at commercial banks except interbank, U.S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S. possessions are included as indicated for demand deposits in footnote 2 above. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U.S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U. S. Treasury Department. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. Gross national product figures are available quarterly and annually only. Data for total liquid assets used in computing these ratios are quarterly averages calculated for four dates (each month of the current quarter and the last month of the preceding quarter).
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